Life Insurance in Utah

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Over 90% of Utah's 2.5 million people (according to 2006 census information) live near the capital of Salt Lake City. If you are among the many Utah residents who would like to secure your financial future with life insurance, there are 522 life insurers who are licensed to do business in Utah. Of these, 15 are domiciled in the state.

A life insurance purchase can be confusing. If you prefer to "shop local," the following companies are headquartered in your state: Equitable Life & Casualty - the second oldest and one of the largest insurance companies domiciled in Utah, and the John Alden Life Insurance Company.

According to the American Council of Life Insurers, Utah residents own 780,000 individual life insurance policies, with coverage averaging $160,000 per policyholder, as of 2006. Individual life insurance coverage purchased totaled $20 billion, and $2 billion was paid out in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments. Group life insurance coverage amounts to $60 billion.

Utah Offices Responsible for Life Insurance

Consumers who need life insurance or other coverage can visit Utah's Insurance Department website to find a variety of useful information, including whether a company's license is up to date, and if any complaints have been lodged against the company. Should the consumer need to file a complaint, the site provides an online complaint form, along with instructions and advice.

If your insurance company has gone out of business, you may still be able to get your policies paid. The Utah Life & Health Insurance Guaranty Association, which was created by a statute in 1979, will meet the liabilities of a member company that becomes insolvent. As with all Guaranty Associations, they cover liabilities only up to a certain amount.

The Utah Insurance Department has also established the Insurance Receiver's Office, which will pay claims not covered by guaranty associations. Claims are paid pro-rata according to the money available in the estate of the company.

The legal statutes that regulate life insurance are defined in Utah's Title 31A. These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Contacting the Utah Insurance Department